2. Interpretation
In this Act—
“affiliate” in relation to a regulated entity means—
-
(a) a company which is or has at any relevant time been—
-
(i) a holding company or subsidiary of the regulated entity,
-
(ii) a subsidiary of a holding company of the regulated entity, or
-
(iii) a holding company of a holding company or a subsidiary of a subsidiary of the regulated entity; or
-
(b) any company over which the regulated entity has control;
-
(c) any company over which the regulated entity and any person associated with the regulated entity has control;
-
(d) any company which has common ownership with the regulated entity;
-
(e) any company which has the same beneficial owner and share common management and interlinked businesses with the regulated entity;
“Auditor” means a person who—
-
(a) is a member of the Institute of Chartered Accountants of the Eastern Caribbean and Saint Lucia; and
-
(b) is independent of the licensee and the parent company of the licensee;
-
(Inserted by Act 7 of 2016)
“Authority” means the Financial Services Regulatory Authority established under section 3;
“authorised authority” means an authority authorised in writing by the Minister;
“director” means a director referred to under section 5;
“Eastern Caribbean Central Bank” means the Eastern Caribbean Central Bank established under the Eastern Caribbean Central Bank Agreement 1983;
“Financial Intelligence Authority” means the Financial Intelligence Authority established under the Money Laundering (Prevention) Act;
“family member” in relation to a person, means the person's father, mother, brother, sister, child, grandchild, husband or wife;
“licence” includes permit, permission, authorisation or registration issued under an enactment specified in Schedule 1;
“Minister” means the Minister responsible for Finance;
“prescribed” means prescribed in Regulations made under this Act;
“regulated entity” means an entity regulated, licenced or registered under this Act and any enactment specified in Schedule 1;
“regulated service” means a service carried on by a regulated entity;
“Regulations” means Regulations made under section 47;
“regulatory authority” means an authority which, in Saint Lucia or a country or territory outside Saint Lucia, exercises functions corresponding to any functions of the Authority or functions as a supervisory authority of a bank;
“regulatory functions” means functions of the Authority under this Act or any enactment specified in Schedule 1.